Trump is lifting another piece of oppressive Obama-era legislation as part of his ongoing efforts to improve the economy and the business community. This time he is helping the energy industry by making drastic modifications to a 2015 ruling that was slated to cost oil train companies huge sums while providing no significant safety improvements.
The ruling required those trains which carry highly explosive liquids to have electronically controlled pneumatic brakes. They would have had until 2021 to switch to these types of brakes, which were said, by some, to help prevent oil train crashes.
While the idea of preventing train crashes sounds good, the reality of the situation is something else entirely. The U.S. Department of Transportation has admitted that the rule change would cost three times more than any benefit it would offer–clearly not a ruling that would appeal to Trump, who wants to remove oppressive regulations from businesses in order to improve their ability to compete and grow.
As one can imagine, train industry professionals are delighted at the news that the ruling will be rolled back. One such businessman was Chet Thompson, of the American Fuel & Petrochemical Manufacturers, who declared the rollback a “rational decision.”
According to a statement made by Representative Jeff Denham (R-CA), chair of the Congressional Subcommittee on Railroads, Pipelines, and Hazardous Materials, regulations grew tremendously during the “big government” Obama years, to the point where they became exceedingly burdensome. Oil train companies want to have these crushing regulations eased, though, of course, they still want to maintain high safety standards, as that is best for their businesses and employees.
Responding to the needs of business, rather than creating senseless regulations devised by bureaucrats, which are better known as “prescriptive regulations,” Trump and his administration officials want to focus on “performance-based regulations.” So, despite what some liberals would say, Trump is not opposed to reasonable regulations, he simply wants to strike the right balance between safety and profitability. Essentially, it’s the same balance any individual needs to strike in his own life. For instance, do you drive at 2 miles an hour all the time in an effort to never get into a car accident or do you drive carefully at the speed limit while wearing a seat belt?
A 2002 Harvard Business School article on performance-based regulations explained, “Expanding the use of performance-based regulation holds promise for achieving health, safety, and environmental goals at lower cost and for doing so in a way that accommodates if not encourages technological innovation,” and, “Performance standards will be appropriate in some, and perhaps even many, regulatory contexts.”
Thanks to President Trump, who is also one of the most successful businessmen in this country, we will now be able to apply these newer types of business thinking to the industries in the United States, and so will keep moving towards more profitable businesses that will offer more and better jobs for the people of this country.